WEC Energy Group Inc. (WEC) Stake Reduced by Duff & Phelps Investment Management Co.
Duff & Phelps Investment Management Co. decreased its stake in WEC Energy Group Inc. (NYSE:WEC) by 0.1% during the second quarter, according to its most recent filing with the SEC. The fund owned 2,107,200 shares of the company’s stock after selling 1,115 shares during the period. WEC Energy Group accounts for 2.1% of Duff & Phelps Investment Management Co.’s investment portfolio, making the stock its 5th largest position. Duff & Phelps Investment Management Co. owned 0.67% of WEC Energy Group worth $137,600,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently made changes to their positions in WEC. State Street Corp raised its stake in shares of WEC Energy Group by 7.3% in the first quarter. State Street Corp now owns 15,271,745 shares of the company’s stock valued at $917,370,000 after buying an additional 1,042,287 shares in the last quarter. Bank of Montreal Can bought a new stake in shares of WEC Energy Group during the second quarter valued at $38,722,000. Adage Capital Partners GP L.L.C. bought a new stake in shares of WEC Energy Group during the first quarter valued at $28,815,000. Renaissance Technologies LLC raised its stake in shares of WEC Energy Group by 687.7% in the first quarter. Renaissance Technologies LLC now owns 232,402 shares of the company’s stock valued at $13,960,000 after buying an additional 202,900 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of WEC Energy Group by 20.0% in the first quarter. Wellington Management Group LLP now owns 1,066,942 shares of the company’s stock valued at $64,091,000 after buying an additional 177,978 shares in the last quarter. Hedge funds and other institutional investors own 70.65% of the company’s stock.
WEC Energy Group Inc. (NYSE:WEC) traded up 0.45% on Tuesday, reaching $58.30. The company had a trading volume of 1,489,474 shares. The company has a market capitalization of $18.40 billion, a price-to-earnings ratio of 20.81 and a beta of 0.08. The company’s 50 day moving average price is $59.84 and its 200-day moving average price is $60.99. WEC Energy Group Inc. has a 12 month low of $47.98 and a 12 month high of $66.10.
WEC Energy Group (NYSE:WEC) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.57 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $0.01. The business had revenue of $1.60 billion for the quarter, compared to analyst estimates of $2.03 billion. WEC Energy Group had a return on equity of 10.52% and a net margin of 12.13%. WEC Energy Group’s quarterly revenue was up 61.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.58 EPS. On average, equities analysts predict that WEC Energy Group Inc. will post $2.93 earnings per share for the current fiscal year.
Several equities research analysts have weighed in on WEC shares. Argus reaffirmed a “buy” rating and issued a $70.00 target price (up from $65.00) on shares of WEC Energy Group in a research report on Tuesday, August 2nd. Zacks Investment Research lowered WEC Energy Group from a “hold” rating to a “sell” rating in a research report on Friday, September 16th. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $58.25.
In related news, VP Susan H. Martin sold 40,000 shares of the business’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $65.05, for a total value of $2,602,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Robert M. Garvin sold 19,225 shares of the business’s stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $61.62, for a total value of $1,184,644.50. Following the completion of the sale, the executive vice president now directly owns 27,710 shares in the company, valued at approximately $1,707,490.20. The disclosure for this sale can be found here. 0.81% of the stock is owned by corporate insiders.
WEC Energy Group Company Profile
WEC Energy Group, Inc, formerly Wisconsin Energy Corporation, is a holding company, which has electric and natural gas utility operations. The Company’s segments are Wisconsin, Illinois, other states, electric transmission, We Power, and corporate and other. The Company’s Wisconsin segment includes the electric and natural gas utility, and non-utility operations of Wisconsin Electric Power Company (Wisconsin Electric), Wisconsin Gas LLC (Wisconsin Gas) and Wisconsin Public Service Corporation (WPS), including Wisconsin Electric’s electric and WPS’s electric and natural gas operations in the state of Michigan.
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